NWT set to earn royalties from offshore drilling
Yellowknife, N.W.T. - Industry, Tourism and Investment Minister Dave Ramsay got some timely news while attending the Offshore Technology Conference in Houston, Texas this week.
There's some development on off shore drilling in the territory.
Chevron will be doing some seismic work in the Beaufort Sea this summer and Ramsay said the federal government issued a call for bids on six parcels in the area.
"The timing was good because it happened just before the press conference [Tuesday], so it was good. People are interested in the Beaufort and the petroleum potential that exists there, which could rival the Gulf of Mexico."
Ramsay said the potential benefit to the territory from offshore drilling would come from negotiating offshore royalty rights after devolution.
"Potentially the opportunity would be there for us to derive a great deal of resource royalty off of the activity in the Beaufort, and I think that's the focus for down the road."
Ramsay was at the conference to promote development of oil and gas resources in the territory.
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